topic Re: FYI: Cap One using FICO 3 score for Venture Apps in Credit Card Applications

FYI: Cap One using FICO 3 score for Venture Apps

TheConstant — Sat, 25 Apr 2015 20:53:31 GMT

Just got my denial letter in the mail today.

Two of the reasons are "lack of mortgage accounts", yada yada yada... I'm 24, don't have a mortgage yet.

Anyways, just wanted to let you know they're using FICO 3, at least for Experian.

Only know this because this score is significantly different than all my other FICO model scores (try by like, 60+ points).

Hope this helps you all with your future apps and especially with the Venture!!

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 20:59:09 GMT

@TheConstant wrote:
Two of the reasons are "lack of mortgage accounts", yada yada yada... I'm 24, don't have a mortgage yet.

I only see 1 reason.

@TheConstant wrote:
Anyways, just wanted to let you know they're using FICO 3

WTH is FICO 3?

Re: FYI: Cap One using FICO 3 score for Venture Apps

TheConstant — Sat, 25 Apr 2015 21:00:56 GMT

@Anonymous wrote:
@TheConstant wrote:
Two of the reasons are "lack of mortgage accounts", yada yada yada... I'm 24, don't have a mortgage yet.

I only see 1 reason.

@TheConstant wrote:
Anyways, just wanted to let you know they're using FICO 3\
WTH is FICO 3?

Sorry, same reason, two bureaus. Both TU and EX listed this.

Go to the "SCORES" tab of "My Account" if you are paying for that service, and then if you look at the EX tab of that screen, it shows you several different scoring models that are used in lending.

One of the least used models (to my understanding), is FICO 3.

I'm thinking they used multiple models and pick the worst one to go by...

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 21:07:59 GMT

@TheConstant wrote:
@Anonymous wrote:
@TheConstant wrote:
Two of the reasons are "lack of mortgage accounts", yada yada yada... I'm 24, don't have a mortgage yet.

I only see 1 reason.

@TheConstant wrote:
Anyways, just wanted to let you know they're using FICO 3\
WTH is FICO 3?
Sorry, same reason, two bureaus. Both TU and EX listed this.

Go to the "SCORES" tab of "My Account" if you are paying for that service, and then if you look at the EX tab of that screen, it shows you several different scoring models that are used in lending.
One of the least used models (to my understanding), is FICO 3.

I'm thinking they used multiple models and pick the worst one to go by...

No such thing as Fico 3. Cap One uses the same Fico model as mortgage lenders, which would be called 2, 4, or 5 depending on the CRA. If you have collections in your files, this score will be significantly lower than Fico 8 because 8 places less emphasis on minor baddies.

Re: FYI: Cap One using FICO 3 score for Venture Apps

TheConstant — Sat, 25 Apr 2015 21:11:37 GMT

I'm staring right at "FICO Score 3" in the scores list under the score tab... lol

And it's the only one that is significantly different than all my other versions.

EDIT: And it's the same score as in the denial letter.

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 21:24:30 GMT

@TheConstant wrote:
I'm staring right at "FICO Score 3" in the scores list under the score tab... lol

And it's the only one that is significantly different than all my other versions.

EDIT: And it's the same score as in the denial letter.

I'd be interested to know where you're seeing a Fico 3 score, because this is what I see when viewing Experian, which is the CRA you referenced.

Re: FYI: Cap One using FICO 3 score for Venture Apps

TheConstant — Sat, 25 Apr 2015 21:28:14 GMT

Mine has FICO Score 3 in between BankCard Score 8 and BankCard Score 2 WHAT THE HECK!!

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 21:30:59 GMT

Okay, that is seriously weird. I don't have that in any of the three CRA's. Maybe they made up a new version just for you.

Re: FYI: Cap One using FICO 3 score for Venture Apps

TheConstant — Sat, 25 Apr 2015 21:32:10 GMT

I don't know, but I swear I don't pay anything extra to get it!!

You should talk to them about it if you want it..

..But anyways, that's the score they used for me. I damn near had a heart attack when I saw that on paper.

Re: FYI: Cap One using FICO 3 score for Venture Apps

ddemari — Sat, 25 Apr 2015 21:36:10 GMT

I have a fico bankcard ex 3 on my report

Re: FYI: Cap One using FICO 3 score for Venture Apps

TheConstant — Sat, 25 Apr 2015 21:37:35 GMT

CAPTOOLS are you viewing from a phone or desktop?

Looking via desktop here

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 21:46:40 GMT

@TheConstant wrote:
CAPTOOLS are you viewing from a phone or desktop?

Looking via desktop here

Desktop.

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 22:01:07 GMT

No FICO 3 for me either...weird

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 22:02:03 GMT

I don't have any FICO 3 scores either. Strange

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 22:07:51 GMT

I'm going to check..............very weird?

Re: FYI: Cap One using FICO 3 score for Venture Apps

TheConstant — Sat, 25 Apr 2015 22:08:49 GMT

Ok so I think we broke MyFICO....

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 22:10:39 GMT

I found another thread that mentions Fico 3 scores.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Lenders-using-every-score-BUT-Fico-08-version/td-p/3911476

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 22:10:51 GMT

I see it too. It is a tad higher than the Bankcard 8 version. Maybe 8 points. Not sure if it would make too much of a difference unless scores are on the low side.

Re: FYI: Cap One using FICO 3 score for Venture Apps

TheConstant — Sat, 25 Apr 2015 22:13:36 GMT

Hmmm

Can someone explain to me why a Lender might use a mortgage algorithm if one is applying for a CC? Pretty sure that happened to me.

Doesn't make much sense to me though

Re: FYI: Cap One using FICO 3 score for Venture Apps

Anonymous — Sat, 25 Apr 2015 22:17:23 GMT

Thanks for pointing it out! I would have never noticed it nor knew what score Cap One was pulling!